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Feb 12, 2013
02/13
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carbon tax, federal gas tax is going up a bit. something like that. you can get another few hundred billion a year out of that. that gets you up to 3.5. the last trillion is where the rubber meets the road. i think all of that, maybe dems and republicans wouldn't automatically admit they would be willing to do it but all of that is within the realm of reason. the last trillion is the hard part. because then you're making very tough choices about which specific taxes to raise versus which specific spending cuts. >> rose: what choices would you recommend the country make. >> in my opinion and i do work some with the congressional budget office, although they are nonpartisan, this is just my opinion. i would make four or five big choices. i would, indeed, put up some sort of carbon tax. and for the sake of call all of us and future generation. >> rose: the congress went crazy over cap and trade. >> cap and trade is a crazy thing to doment but also, also, frankly, the world has changed. i mean it's a lot hotter now and people are noti
carbon tax, federal gas tax is going up a bit. something like that. you can get another few hundred billion a year out of that. that gets you up to 3.5. the last trillion is where the rubber meets the road. i think all of that, maybe dems and republicans wouldn't automatically admit they would be willing to do it but all of that is within the realm of reason. the last trillion is the hard part. because then you're making very tough choices about which specific taxes to raise versus which...
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Feb 6, 2013
02/13
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potentially valuable ones include the option to deduct state sales taxes instead of income taxes. so, make sure you have the receipts to get those breaks. you also have another way to lock in tax-free retirement income. under the new law you can convert a traditional 401(k) to a roth 401(k) at any time, assuming your company offers both options. you'll have to pay income taxes on the conversion but your withdrawals in retirement will be 100% tax-free, that's a good move if you're worried about taxes rising. the few taxes increases that did make the cut are on the highest earning households. that's for singles earning $400,000 a year and couples earning $450,000 or more. if you're fortunate enough to be in that group, your best move is to lower your taxable income by maxing out tax deferred options like your 401(k) and iras. of course, those are good moves to make in any year. i'm donna rosato. >> tom: that's "nightly business report" for wednesday, february 6. have a great evening everyone, and you too susie. >> susie: goodnight tom, thanks for watching everyone. we'll see you onl
potentially valuable ones include the option to deduct state sales taxes instead of income taxes. so, make sure you have the receipts to get those breaks. you also have another way to lock in tax-free retirement income. under the new law you can convert a traditional 401(k) to a roth 401(k) at any time, assuming your company offers both options. you'll have to pay income taxes on the conversion but your withdrawals in retirement will be 100% tax-free, that's a good move if you're worried about...
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Feb 5, 2013
02/13
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tavis: what is going to happen to tax rates? >> from my perspective, i think the president was right originally in saying we should do away with bush tax breaks for people making $250,000 a year or more. that is an issue i would certainly revisit. right now in terms of where we go from here, i think it is important to look get reality. one out of four profitable corporations in america does not pay a nickel in taxes. we have corporate tax breaks on their profits but are the lowest may have been in many years, so i think it is appropriate to start asking corporate america to help us with deficit reduction. >> whether one agrees or disagrees, one cannot argue at the first term we have a wall street friendly guy, and he has just been nominated another wall street friendly guy. i have been hearing and reading you have some concerns about the treasury secretary, so tell me more. >> what i have been very concerned about from day one, let me be clear and i supported barack obama originally. i supported him for reelection, and the alter
tavis: what is going to happen to tax rates? >> from my perspective, i think the president was right originally in saying we should do away with bush tax breaks for people making $250,000 a year or more. that is an issue i would certainly revisit. right now in terms of where we go from here, i think it is important to look get reality. one out of four profitable corporations in america does not pay a nickel in taxes. we have corporate tax breaks on their profits but are the lowest may...
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Feb 9, 2013
02/13
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-- broaden the tax base, lower the tax rate." sounds reasonable? >> it sounds plausible, and to charles it sounds exceptionally reasonable. that is what the intention was. colby put his finger on it -- the alternative was so terrifying that it would force congress to act. in the short run, the political damage it will be to the republicans. they i seem as did so -- they are seen as the obstructionists. but let's be blunt about it -- if this goes on, it will be damaging to the economy and the country and in the long run it will be damaging to any sense of public confidence in government possibility to be a positive force and our lives -- government's ability to be a positive force and our lives. >> according to the congressional budget office, the deficit is shrinking, but it will increase later because of an aging population, expansion of federal subsidies for health insurance, growing interest on the debt. cdo is predicting that by 2023, if current laws remain in place, there will be 77% of gdp and be on an upward path. tell tha
-- broaden the tax base, lower the tax rate." sounds reasonable? >> it sounds plausible, and to charles it sounds exceptionally reasonable. that is what the intention was. colby put his finger on it -- the alternative was so terrifying that it would force congress to act. in the short run, the political damage it will be to the republicans. they i seem as did so -- they are seen as the obstructionists. but let's be blunt about it -- if this goes on, it will be damaging to the economy...
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Feb 12, 2013
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>> family health. >> president clinton spoke it 500 times. >> taxes. taxes. taxes. >> taxes rose under bush, have, of course, eventually sunk his re-election campaign. >> no new taxes. >> and reagan -- >> spending cuts. spending. spending, spending. >> carter was preoccupied elsewhere. >> soviet union. soviet union. >> he combined to say soviet more times in three addresses than reagan did in seven. the most six most used words. >> americans. americans. >> people must work. >> joe deaux. thestreet.com for n.b.r. >> susie: there's a lesson to learn from the struggles of smartphone maker blackberry. it's important to remember that sometimes you have to take a big risk in order to reap the rewards. sports analyst rick horrow explains in this week's "beyond the scoreboard." >> in the next few weeks, blackberry will begin selling its highly anticipated q-10 and z-10 smartphones with the hopes of regaining market share. and unlike other companies in the cell phone space-- like service providers at&t and verizon, and device maker samsung-- blackberry has never been
>> family health. >> president clinton spoke it 500 times. >> taxes. taxes. taxes. >> taxes rose under bush, have, of course, eventually sunk his re-election campaign. >> no new taxes. >> and reagan -- >> spending cuts. spending. spending, spending. >> carter was preoccupied elsewhere. >> soviet union. soviet union. >> he combined to say soviet more times in three addresses than reagan did in seven. the most six most used words....
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Feb 7, 2013
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posted their biggest monthly sales gains in a year in january, despite the expiration of a payroll tax holiday. 20 retailers tracked by thomson reuters reported an average sales gain of 5% in january. that's nearly twice as strong as last year. erika miller looks at whether the sales momentum can continue. >> reporter: if there's one thing helping retailers these days, it's cold weather. low temperatures in much of the nation has boosted sales of coats and warm clothing. so no surprise that department stores re big winners in january. kohls, nordstrom, and macy's all posted double digit sales increases. >> if you are trying to clear winter goods that didn't sell over the holidays, the cold snap is a big help. we had a bunch of weather events-- cold, wet, snow, ice, so things are selling out even if they've been marked down. that's really cleaning out inventory that needs to get out before the spring. >> reporter: but to be fair, there was also a quirk of the calendar that gave many big retailers a fifty-third week in their fiscal year. that meant an extra week of sales in january. >> b
posted their biggest monthly sales gains in a year in january, despite the expiration of a payroll tax holiday. 20 retailers tracked by thomson reuters reported an average sales gain of 5% in january. that's nearly twice as strong as last year. erika miller looks at whether the sales momentum can continue. >> reporter: if there's one thing helping retailers these days, it's cold weather. low temperatures in much of the nation has boosted sales of coats and warm clothing. so no surprise...
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Feb 6, 2013
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, you're really going to notice the taxes. you're going full throttle. if you can't sell it, it doesn't much matter if the government is giving you tax breaks. >> charlie: some people have since the crash in 2008, you know, have said, well, businesses uncertain about the future. >> you hear this constantly. charlie: i'll mention regulations. they'll mention the economic picture. or they'll mention the fact that they develop certain efficiencies. >> sure. they're trying. but what i always answer to things like that, i'm running a small business myself. what we talk about is all the time is how much of our product can we sell. everything else is secondary. so the big uncertainty for years now since the economy fell off the table in the fall of 2008 is how much can i sell? that's a huge uncertainty. facing many many american businesses. >> charlie: do regulations make a difference? >> yeah, they do. they do. >> charlie: dodd frank put a crimp? does it impede business development? >> outside of finance, i think no. in the banking
, you're really going to notice the taxes. you're going full throttle. if you can't sell it, it doesn't much matter if the government is giving you tax breaks. >> charlie: some people have since the crash in 2008, you know, have said, well, businesses uncertain about the future. >> you hear this constantly. charlie: i'll mention regulations. they'll mention the economic picture. or they'll mention the fact that they develop certain efficiencies. >> sure. they're trying. but...
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Feb 5, 2013
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jeopardy just because folks in washington couldn't come together to eliminate a few special interest tax loopholes. >> reporter: republicans dismissed the calls for more tax increases, and many argue the threat of the automatic spending cuts known as the sequester are the only way to force democrats to accept more spending cuts. but their leverage may be limited. >> i think we will have the sequester for a short period of time, probably until the first civilian employee of the government is furloughed, which might take about a week. and then, that pain may be enough to cause the people on capitol hill and the president to come to some sort of rational deal. >> reporter: the short-term budget fight comes as the medium-term outlook for federal red ink is improving. the congressional budget office figures the deficit will come in at $845 billion this year, the first deficit under $1 trillion since 2008. that's projected to fall to $430 billion in 2015; that's about 2.4% of g.d.p. but the public debt is projected to hit 77% of the economy by 2023. >> countries that find themselves with very
jeopardy just because folks in washington couldn't come together to eliminate a few special interest tax loopholes. >> reporter: republicans dismissed the calls for more tax increases, and many argue the threat of the automatic spending cuts known as the sequester are the only way to force democrats to accept more spending cuts. but their leverage may be limited. >> i think we will have the sequester for a short period of time, probably until the first civilian employee of the...
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Feb 6, 2013
02/13
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strikes like this have seriously damaged out kind of costs -- damaged al qaeda possibility to plan a tax, but others say they alienate local populations. brennan will have to answer questions in his confirmation hearing as cia director. the legality of drone strikes is likely to be high on the agenda, especially after a memo was leaked. white house 3 did the white house defended the policy. >> we have a knowledge there are sometimes we use remotely piloted aircraft against terrorists and to prevent attacks on the united states and to save american lives. we conduct the strikes because they are necessary to prevent threats, to stop future attacks, and save american lives. these attacks are ethical and wires. >> the fact there is a secret base may mean some of the difficult questions may be raised not just in washington but in saudi arabia's capital, riyadh. >> today the royal bank of scotland became the third major bank to pay for its part in bringing a key global interest rate now in libor. they have been forced to turn over more than $6 million. the incident gives another black guy to t
strikes like this have seriously damaged out kind of costs -- damaged al qaeda possibility to plan a tax, but others say they alienate local populations. brennan will have to answer questions in his confirmation hearing as cia director. the legality of drone strikes is likely to be high on the agenda, especially after a memo was leaked. white house 3 did the white house defended the policy. >> we have a knowledge there are sometimes we use remotely piloted aircraft against terrorists and...
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Feb 12, 2013
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and they actually have a tax called the harbor maintenance tax that they put in place beginning in 1985 to take care of these harbors. so far in the past 15 years, they have collected $8 billion that they have not spent on harbors. >> reporter: legislation introduced to force all the tax money to be spent on maintaining the harbors has not gained traction in congress. leyland harbor master zuba, frustrated at seeing on theres play on a beach that shouldn't exist, has looked elsewhere for money. >> in '07 the appropriations stopped so we started fund raising at a local level. that's where we are today. >> reporter: he raised $120,000 last year to pay for dredging to keep the harbor open. but he says he doesn't know how long the community can support those costs. and scientists predict that lake levels will drop further this winter with ever greater consequences for the 30 million people who live in the great lakes basin. >> suarez: next, another of our conversations about the digital world's cultural impact. newshour political editor christina bellantoni is here with our daily download t
and they actually have a tax called the harbor maintenance tax that they put in place beginning in 1985 to take care of these harbors. so far in the past 15 years, they have collected $8 billion that they have not spent on harbors. >> reporter: legislation introduced to force all the tax money to be spent on maintaining the harbors has not gained traction in congress. leyland harbor master zuba, frustrated at seeing on theres play on a beach that shouldn't exist, has looked elsewhere for...
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Feb 11, 2013
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is that just another way of saying that he's going to be calling for higher taxes? >> i think he's going to continue to seek higher revenue in whatever kind of fiscal deals he gets with the republicans. but i think he's going to try to use the state of the union address to begin to put fiscal issues behind him. i think that's his goal for 2013, is not to play into constantly having to fight the fiscal battles. i think he's going to cite data saying that the deficit is actually improving and that we can get to the end of the road with some fairly short steps. >> do you think he's going to say anything that will resonate with republicans? >> well, that's the question. and i think how far will he go in putting into play some of the big entitlement programs or cutting expenditures out of the current budget. and that's the questions that's pretty unknown here. if he doesn't, i think the republicans are going to make it virtually impossible for him to get past these constant fiscal battles. >> all right, david, thanks for coming on the program. david gordon with the eurua
is that just another way of saying that he's going to be calling for higher taxes? >> i think he's going to continue to seek higher revenue in whatever kind of fiscal deals he gets with the republicans. but i think he's going to try to use the state of the union address to begin to put fiscal issues behind him. i think that's his goal for 2013, is not to play into constantly having to fight the fiscal battles. i think he's going to cite data saying that the deficit is actually improving...
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Feb 7, 2013
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service. 70%-plus of americans consistently say the postal service, who takes no money now-- we get no tax money-- shouldn't get a tax bailout and should live within their means, meaning if twee need to eliminate delivery on saturday we do. now, our proposal is to eliminate delivery of mail but to continue to deliver packages, which includes medicine for the elderly and handicapped and the rural areas. and that's what our customers have told us. last year we made some changes. post offices. we talked about having to close small, nonprofitable postal offices. we spent a lot of time in the field and herd back from crust mers. they said we don't care if you shrink the opening, just keep the it open. here's the problem we're facing, jeff reerk no matter what anybody thinks on this-- people pay bills online. in the year 2003, we delivered 51 billion-- with a "b--" pieces of stamped mail out of the mailbox. this year it will be 21 billion. 30 billion pieces in less than 10 years at 46 cents apiece say differential in that group of $14 billion. nobody is stepping up saying i'll take a pay cut tha
service. 70%-plus of americans consistently say the postal service, who takes no money now-- we get no tax money-- shouldn't get a tax bailout and should live within their means, meaning if twee need to eliminate delivery on saturday we do. now, our proposal is to eliminate delivery of mail but to continue to deliver packages, which includes medicine for the elderly and handicapped and the rural areas. and that's what our customers have told us. last year we made some changes. post offices. we...
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Feb 6, 2013
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we'll extend the payroll tax and take care of student loans. they were smaller things but things he was able to at least present -- he was able to project this is what i'm pushing for, i'm forcing congress to do this. congress had its own reasons for doing those two things but it gave the president an opportunity to take credit for making it happen. >> suarez: is this sped up public outreach also a fact that by some life he's only got a year to get these things done? >> everybody talks about the fact that the second you're sworn in for your second term you're already a lame duck, how many stories have we already seen about hillary clinton in 2016 and who the republican potential candidates are going to be in 2016? that's a part of it. but i do think this is a white house that recognizes the reality of a divided congress in this polarized environment. i was looking back at the vote to ban assault weapons in 1994. back then you had 46 republicans who supported that ban. that's a remarkable thing. in this day and age you get 46 republicans to supp
we'll extend the payroll tax and take care of student loans. they were smaller things but things he was able to at least present -- he was able to project this is what i'm pushing for, i'm forcing congress to do this. congress had its own reasons for doing those two things but it gave the president an opportunity to take credit for making it happen. >> suarez: is this sped up public outreach also a fact that by some life he's only got a year to get these things done? >> everybody...
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Feb 11, 2013
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the tax coming back on that money is way too high. >> we know that jobs and growth will be a big part of the state of the union address tomorrow night. the new ceo has been down at the white house talking to the president. >> he is going to really focus on growth of the economy. the only way to get jobs back into this economy, we are barely breaking even on jobs. we have got to create at least 100,000 jobs a year to keep up with the growth in the population. we are pushing very hard to push the visa waivers. we would love to have that for brazil. they would absolutely love to come to america. >> along side with that, would you like to have comprehensive immigration reform? >> i think that is very important. we need to get that off the table. we are in favor of border security. we would like these people to become legal. they are going to have to pay for it. they will probably have to pay some fines. they need to get there and we need to have a way for them to get there. >> you were head of marriott for four decades. if you were starting out a global hotel chain today, is there anythin
the tax coming back on that money is way too high. >> we know that jobs and growth will be a big part of the state of the union address tomorrow night. the new ceo has been down at the white house talking to the president. >> he is going to really focus on growth of the economy. the only way to get jobs back into this economy, we are barely breaking even on jobs. we have got to create at least 100,000 jobs a year to keep up with the growth in the population. we are pushing very hard...
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Feb 4, 2013
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everything they need to know about richard iii, i think it will have a very different assessment of the tax. >> the grave has already given up many secrets. we know that he was wounded in battle 10 times. preparations are being made to inter the remains of richard iii in a cathedral here next year. >> he worked -- whether he was a villain or not, he still ended up buried in a car park. continue watching bbc world news for updates on our stories around the world on our 24-hour news network. check your local listings. thanks so much for watching. we will see back here tomorrow. >> make nse of intnatioonal news at bbc.com/news. >> funding of this presentation is made possible by the freeman foundation of new york, stowe, vermont, and honolulu, newman's own foundation, and union bank. >> at union bank, our relationship managers work hard to understand the industry you operate in, working to nurture new ventures and help provide capital for key, strategic decisions. we offer expertise and tailored solutions in a wide range of industries. what can we do for you? was presented by kcet, los angeles
everything they need to know about richard iii, i think it will have a very different assessment of the tax. >> the grave has already given up many secrets. we know that he was wounded in battle 10 times. preparations are being made to inter the remains of richard iii in a cathedral here next year. >> he worked -- whether he was a villain or not, he still ended up buried in a car park. continue watching bbc world news for updates on our stories around the world on our 24-hour news...
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Feb 6, 2013
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you pay a bribe, which is cheaper than paying taxes. you pay a bribe to one government official. is a business practice and has been for at least a century. tavis: the question is how does that lead to haiti getting stuck where it is, because it is not the only government with officials who take bribes. so we list of names? until the other day there were not one but two former governor is -- governors in illinois who were imprisoned at the same time. you have got to tell me more than just the people in this quandary. but there is corruption, and there is racism, and if you look, martinique and guadeloupe are part of france. france sent them on, and they are the descendants of slaves. they do not have the situation in haiti has, which is an outcast. i think what frederick douglass says, which is true. after the earthquake there were incredible articles. pat robinson said patients made a pact with the devil. it was the first time he seemed to be on the side of the french, and many conservatives and moderate columnists attack patients as having brought this upon themselves, and i do
you pay a bribe, which is cheaper than paying taxes. you pay a bribe to one government official. is a business practice and has been for at least a century. tavis: the question is how does that lead to haiti getting stuck where it is, because it is not the only government with officials who take bribes. so we list of names? until the other day there were not one but two former governor is -- governors in illinois who were imprisoned at the same time. you have got to tell me more than just the...
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Feb 10, 2013
02/13
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she led antiwar demonstrations for decades and refused to pay taxes. for day, the catholic worker wasn't just about good works. it was meant to be revolutionary. >> the catholic worker is essentially a school, you might say. i mean, it's a place where you -- where you -- a lot of young people come to us. it's a pacifist, anarchist movement, and they come to us to learn more about this point of view of beginning a change from the bottom up, rather than from the top down through unions and credit unions. you do away with banks by credit unions. you do away with interest. you do away with by mutual aid. you do away with possession of goods by sharing. >> reporter: dorothy day spent her final years at this catholic worker house in manhattan, where she died in 1980. now, she's on the road to sainthood, with the unanimous support of the u.s. conference of catholic bishops. >> all those in favor of supporting moving forward, please indicate by saying aye. >> aye. >> opposed? >> thank you, good to hear. >> reporter: new york archbishop timothy dolan is leading
she led antiwar demonstrations for decades and refused to pay taxes. for day, the catholic worker wasn't just about good works. it was meant to be revolutionary. >> the catholic worker is essentially a school, you might say. i mean, it's a place where you -- where you -- a lot of young people come to us. it's a pacifist, anarchist movement, and they come to us to learn more about this point of view of beginning a change from the bottom up, rather than from the top down through unions and...
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Feb 10, 2013
02/13
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they're not growing jobs, why they're not creating jobs and those are the things i want to focus on, like tax reform, which i think we're going to be very focused on in 1 o >> of the re re newepublicann >> of the three new republican women in the house, two of them are from indiana. >> my counterpart to the northern part of the state, jackie walorski and i are the first women to represent indiana since 1958. republican women that is, there have been some democrat women. we're the first republican women, so there is a big push, not only in our state but i think across the country to try and recruit more women to run for office. >> brooks wants to see more women in the congress, but she says it may not be for everyone. >> we hope to be role models and mentors to other and encourage people to think about running but be very practical about what it takes. it does take a toll on families and it can take a toll on finances for families. and so those are things that i think we as women need to share with each other but yet we need to encourage them to run because we are very much underrepresented in
they're not growing jobs, why they're not creating jobs and those are the things i want to focus on, like tax reform, which i think we're going to be very focused on in 1 o >> of the re re newepublicann >> of the three new republican women in the house, two of them are from indiana. >> my counterpart to the northern part of the state, jackie walorski and i are the first women to represent indiana since 1958. republican women that is, there have been some democrat women. we're...
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Feb 12, 2013
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a sign of beaufort, anthony jenkins has already cut the bonuses paid to investment bankers and the tax advisory unit. bbc news. >> public benedict will stay in rome after he retires. he will not be involved in choosing his successor. he surprised with his resignation and prompted resignation of -- revelations about his health. de -- there are the seven names from europe and south america, a prospect which have bookmaker's spending. the crowds were queuing today as the vatican loosened its culture of secrecy. it gave more details about the pope's help them what his role will be when he resigned in two weeks. yes today he revealed he had neither the mental or physical energy to continue. today the vatican said he had been wearing a pacemaker for some time. >> somebody talked about the fact that he had had a pacemaker a few months ago. that is correct. there was a routine replacement for the batteries. >> when he stand down, he will remain in rome to study. he will be living in a monastery. there'll not be two popes although it is unclear what his title will be. the church went out of the
a sign of beaufort, anthony jenkins has already cut the bonuses paid to investment bankers and the tax advisory unit. bbc news. >> public benedict will stay in rome after he retires. he will not be involved in choosing his successor. he surprised with his resignation and prompted resignation of -- revelations about his health. de -- there are the seven names from europe and south america, a prospect which have bookmaker's spending. the crowds were queuing today as the vatican loosened its...
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Feb 6, 2013
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tax. aaron czajkowski has been one that's been so many years in baltimore. she treats patients suffering from crippling neck and back pain. over time, she discovered that she suffered from the very condition that she treats. she went in for surgery and god were she got her hip replaced. thankfully she's on the mend. obamacare makes it hard for those research innovation in the united states and patients like this woman to get the care that they need. obamacare unnecessarily raises the cost of health care. even those who have pre-existing conditions could get the coverage they need without a trillion dollar government program costing all of us more. that is only the tip of the iceberg when we talk about health care reform. many families like mine are dealing with the challenges presented by aging and very sick parents. they rely on medicare for relief. the government and medicare have not kept pace. medicaid is not doing any better. collectively, states are spending more on medicaid than the
tax. aaron czajkowski has been one that's been so many years in baltimore. she treats patients suffering from crippling neck and back pain. over time, she discovered that she suffered from the very condition that she treats. she went in for surgery and god were she got her hip replaced. thankfully she's on the mend. obamacare makes it hard for those research innovation in the united states and patients like this woman to get the care that they need. obamacare unnecessarily raises the cost of...
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Feb 10, 2013
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estate taxes, obamacare taxes and americans are taxed to death and proves dagen's point. there's a malaise and we saw it in consumer confidence means, now what, taxes aren't going to do the trick. >> you know, we shout a lot, but in here, we actually are getting into real disagreements how to solve problems. at the beginning gary said every program they run shall meaning the government is bankrupt. not the f.d.a., not f.a.a., not interstate highway system. we need our government we need to figure how to make it work not to say let's do away with it. >> i keep hearing they need more money for the interstate highway. see this debt mounting the capital one cash rewards card gives you 1% cash back on all purchases, plus a 50% annual bonus. and everyone but her likes 50% more cash, but i have an idea. do you want a princess dress? yes. cupcakes? yes. do you want an etch-a-sketch? yes! do you want 50% more cash? no. you got talent. [ male announcer ] the capital one cash rewards card gives you 1% cash back on every purchase plus a 50% annual bonus on the cash you earn. it's the
estate taxes, obamacare taxes and americans are taxed to death and proves dagen's point. there's a malaise and we saw it in consumer confidence means, now what, taxes aren't going to do the trick. >> you know, we shout a lot, but in here, we actually are getting into real disagreements how to solve problems. at the beginning gary said every program they run shall meaning the government is bankrupt. not the f.d.a., not f.a.a., not interstate highway system. we need our government we need...
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estate taxes, obamacare taxes and americans are taxed to death and proves dagen's point. there's a malaise and we saw it in consumer confidence means, now what, taxes aren't going to do the trick. >> you know, we shout a lot, but in here, we actually are getting into real disagreements how to solve problems. at the beginning gary said every program they run shall meaning the government is bankrupt. not the f.d.a., not f.a.a., not interstate highway system. we need our government we need to figure how to make it work not to say let's do away with it. >> i keep hearing they need more money for the interstate highway. see this debt mounting, is that why the administration just got suing. tdd#: 1-800-345-2550 like no atm fees, worldwide. tdd#: 1-800-345-2550 and no nuisance fees. tdd#: 1-800-345-2550 plus deposit ches with mobile deposit. tdd#: 1-800-345-2550 and manage your cash and investments tdd#: 1-800-345-2550 with schwab's mobile app. tdd#: 1-800-345-2550 no wonder schwab bank has grown to over 70 billion in assets. tdd#: 1-800-345-2550 so if you're looking for a bank
estate taxes, obamacare taxes and americans are taxed to death and proves dagen's point. there's a malaise and we saw it in consumer confidence means, now what, taxes aren't going to do the trick. >> you know, we shout a lot, but in here, we actually are getting into real disagreements how to solve problems. at the beginning gary said every program they run shall meaning the government is bankrupt. not the f.d.a., not f.a.a., not interstate highway system. we need our government we need...
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two model income tax -- model tax and income tax and consumption tax. the author of that study was the deputy assistant secretary was basically pushing the consumption tax idea, and this book blueprints for basic tax reform was a very influential book, and a proposal. by the way to make casey think all the economists favor that to make a big influence on that was a harvard professor wedding -- also an advocate of the consumption tax. this resurfaced later in a proposal by senators nunn and beachy in the 1990's the usa tax , a second idea that was very popular with the so-called flat tax that was a book by professors hall at stanford originally published in 1982, a was not an original idea with them. it came from milton friedman book capitalism and freedom where he has a chapter of the ideal income-tax. the ideal income tax he describes is actually the flat tax which is actually consumption tax. the city was picked up by house majority leader dick armey and by presidential candidate steve forbes in the 1990's, again, like all these other plans to make di
two model income tax -- model tax and income tax and consumption tax. the author of that study was the deputy assistant secretary was basically pushing the consumption tax idea, and this book blueprints for basic tax reform was a very influential book, and a proposal. by the way to make casey think all the economists favor that to make a big influence on that was a harvard professor wedding -- also an advocate of the consumption tax. this resurfaced later in a proposal by senators nunn and...
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tax. with us today is erin shucosky. she has been a clinical nurse for 30 years in baltimore. she spent the last ten years coordinating the research on a study to approve a new replacement discs to treat patients suffering from crippling neck and back pain. over time, erin discovered that she suffers from the very condition that her work aimed to treat. on her days off, aaron would -- erin would spend time at her daughter's game, barely able to move, and then would have to good home and spend most of her time there with an ice pack on her neck. she went in for surgery and got the new disc replacements. erin is with is in a cervical color today -- cervical collar today but shes on the mend. the new medical device tax in obama care makes it harders for researchers to develop those devices in the united states and makes its hard for patients like erin to get the care they need. obamacare is unnecessarily raised the cost of health care. even those with preexisting conditions could get the cove
tax. with us today is erin shucosky. she has been a clinical nurse for 30 years in baltimore. she spent the last ten years coordinating the research on a study to approve a new replacement discs to treat patients suffering from crippling neck and back pain. over time, erin discovered that she suffers from the very condition that her work aimed to treat. on her days off, aaron would -- erin would spend time at her daughter's game, barely able to move, and then would have to good home and spend...
SFGTV: San Francisco Government Television
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tax credits and how that will be applied. who you get into some of the larger entities there's bigger structures and that needs to be careful communicated so that when the time for outreach there's one package of information going out. so the tax and treasurers office have additional staffing for that >> commissioner reeling. >> so of a small business the gross receipt is less than 1 million it's exemption. >> right the first million is not exemption so if you will look at page 2. the whole 2 million is taxable >> yeah, but it's at a different taxable rate. so if you look at that page once you reach over a million that million is a taxable minimum >> so for schedule one 1.75 percent of - the first million is at - the 5 hundred thousand is taxable at the 1 point percent tax rate. >> commissioner. >> what about the businesses that are a combination of the manufacturing and other businesses structure. >> right so going back to i think i think this is where we need to work this out. we're not going out and educating businesses ri
tax credits and how that will be applied. who you get into some of the larger entities there's bigger structures and that needs to be careful communicated so that when the time for outreach there's one package of information going out. so the tax and treasurers office have additional staffing for that >> commissioner reeling. >> so of a small business the gross receipt is less than 1 million it's exemption. >> right the first million is not exemption so if you will look at...
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the next tax increase, will hurt. because they will be on the rest of americans, they will be very unpopular, that is what republicans need to say, these are not necessary, we have to deal with entitlements and spending. david: but tax changes do not have to hurt if they go in the right direct, get rid of some of the deductions, the last tax thing, it was not a bill it was a thing, that was put together by republicans, and president, about a month ago, it has so money different little clauses and brackets there is one provision this benefits only one company. that is not what our tax bill is supposed to be. >> you know, the thing about -- has made taxes easy for all of us, we go to you know one of on-line tax things we fill out our tax form we're done, it does not seem hard to us, but look at the changes we look at what happened at beginning of this year, people get their paychecks with high are payroll tax, people realize, the effects of time coming out of college they do not have businessed to hire them, they are fe
the next tax increase, will hurt. because they will be on the rest of americans, they will be very unpopular, that is what republicans need to say, these are not necessary, we have to deal with entitlements and spending. david: but tax changes do not have to hurt if they go in the right direct, get rid of some of the deductions, the last tax thing, it was not a bill it was a thing, that was put together by republicans, and president, about a month ago, it has so money different little clauses...
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it was a flat tax. those making over a hundred thousand dollars per year or 20,000 in today's money were taxed a whopping 3% rate. next year congress deciding it like this idea that people would just send money there wait introduced a sliding scale. those making about $10,000 or 229,000 canal would be attacked at 5%, and the idea of taxing the rich was born. guess what? the tax was repealed in 1866. congress decided they did not want free money anymore. that is, until 1994 when it tried to bring it back, but this time the supreme court stepped in calling the tax unconstitutional. so, or teeseven republican offer a constitutional amendment and 100 years ago yesterday deaware became the 306th state to ratify it and the income tax was official. so before you go cursing the lawmakers from 1913, the income tax looked a lot different than now. take a look at that. for starters, this is what the tax code looked like a century ago. thirty-eight pages. that's it. tiny. today it is nearly 74,000 pages with the to
it was a flat tax. those making over a hundred thousand dollars per year or 20,000 in today's money were taxed a whopping 3% rate. next year congress deciding it like this idea that people would just send money there wait introduced a sliding scale. those making about $10,000 or 229,000 canal would be attacked at 5%, and the idea of taxing the rich was born. guess what? the tax was repealed in 1866. congress decided they did not want free money anymore. that is, until 1994 when it tried to...
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tax which are taxed the way they would be under a consumption tax. the obvious one is the way you contribute to your 41 k plan -- 401 k plan or your ira. you accrue the income tax free and only pay taxes when they pull out of retirement. that is exactly the way a consumption tax would to cut the transaction. if you combine that with te fact we did not return to honor occupied housing, you are treating the investments under consumption tax treatment. we do not have a consultant tax system, we have a corporate income tax system that has depreciation. we are -- they have very complicated rules for international taxation. and for high-income, they pay taxes on their investment income. so we have kind of hybrid. >> transition to a consumption tax may not be as big a leap? guesthat is true but it was stia big leap. >> joe, tell us about the discussion of consumption taxes over the years and why this never got anywhere. >> the income tax really comes out of a consumption tax regime. up until the income-tax, almost all of the derivative as coming from tariff
tax which are taxed the way they would be under a consumption tax. the obvious one is the way you contribute to your 41 k plan -- 401 k plan or your ira. you accrue the income tax free and only pay taxes when they pull out of retirement. that is exactly the way a consumption tax would to cut the transaction. if you combine that with te fact we did not return to honor occupied housing, you are treating the investments under consumption tax treatment. we do not have a consultant tax system, we...
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stuart: that is a tax. >> it is a tax. they don't call it a tax because it is not imposed directly on consumers, but it is passed down from the manufacturer of the battery to the manufacturer of the automobile to the dealer of the -- to the seller of the automobile to the end user. so he could do that with bullets, for example. stuart: gun control. >> correct. he could do that in a number of areas. remember, an executive order permits the president to tell the people who work for him that's 3 million civilian employees in the executive branch and about 2 1/2 million military employees in the executive branch, how to do what they are supposed to do. he can't tell you how to host this show. he can't tell fox how to run the show. he can't tell the new york times how to write editorials. he can only regulate government employees in doing their work. so where do you regulate them? where they have discretion and where they get the discretion from the congress. stuart: you mentioned gun control. he could go the executive route wi
stuart: that is a tax. >> it is a tax. they don't call it a tax because it is not imposed directly on consumers, but it is passed down from the manufacturer of the battery to the manufacturer of the automobile to the dealer of the -- to the seller of the automobile to the end user. so he could do that with bullets, for example. stuart: gun control. >> correct. he could do that in a number of areas. remember, an executive order permits the president to tell the people who work for...
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tax, business tax variety. fairness issues, and simplicity issues are not often referred to, but they were the ones that were actually stressed in the blueprint volume. the idea of fairness that was a consumption tax better measured individual incomes to pay over somebody's lifetime. in contrast, an income tax for people with the same present value of lifetime income and income tax discriminates against people who consume later in life and discriminates, also, against people whose earnings patterns are such they earn earlier in life so they have to save more in order to smooth out their lifetime consumption. the other argument on grounds of simplicity is that if you didn't have an income tax, you don't have to worry about a will the of issues relating to the measurement of capital income such as what deappreciation rules to use, how to tax capital gains, the corporate income tax, inflation adjustments, if that's the problem, and so forth. plus, there were a number of reasons why people were concerned about thes
tax, business tax variety. fairness issues, and simplicity issues are not often referred to, but they were the ones that were actually stressed in the blueprint volume. the idea of fairness that was a consumption tax better measured individual incomes to pay over somebody's lifetime. in contrast, an income tax for people with the same present value of lifetime income and income tax discriminates against people who consume later in life and discriminates, also, against people whose earnings...
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then tax it. today, democrat lawmakers rolling out new legislation to regulate and tax marijuana in states where it is legal. congressman early bloomen is behind that push. welcome to the program. >> thank you. >> is a understand the proposal it would basically add a federal tax of roughly $50 per ounce and you believe that would bring in a total of $20 billion extra revenue per year. that sounds like -- must be an awfully big pot market in america. is it that big? >> well, estimates vary but the fact is that it is billions of dollars we spend to arrest two-thirds of a million people a year for something that half americans think should be legal, and two-thirds say let the states regulate it. stop the cost, it i can woo like lick tax alcohol, but money to reduce the deficit and we'd start having a more rational policy regarding marijuana. >> that would not bring the money in -- >> we don't know there are some estimates that suggest that the voters in colorado and the state of washington, by moving
then tax it. today, democrat lawmakers rolling out new legislation to regulate and tax marijuana in states where it is legal. congressman early bloomen is behind that push. welcome to the program. >> thank you. >> is a understand the proposal it would basically add a federal tax of roughly $50 per ounce and you believe that would bring in a total of $20 billion extra revenue per year. that sounds like -- must be an awfully big pot market in america. is it that big? >> well,...
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but we have already just raised taxes. why do we have to raise taxes again? >> chris: in his state of the union speech aides say that the president is going to call for new investment/spending on education and energy and infrastructure and manufacturing to try to boost the economy and to boost the middle class. will you go along with that? >> as long as we pay for it. we have seen this movie before. we saw it with the stimulus pack and. and now a debt and deficit that is $5,000 for every man, woman and -- $51,000 for every man, woman and child in america. the size of the government has grown exponentally. we have a proposal for every three federal retiree we hire only one. that would take care of the sequestration problem. there are simple answers to many of these problems that we can address the problem without raising people's taxes. but first, we ought to sit down across the table, the president should with us and try and work this out. all he does is go out and make speeches. >> chris: the president's nominee for cia director, john brennan testified in hi
but we have already just raised taxes. why do we have to raise taxes again? >> chris: in his state of the union speech aides say that the president is going to call for new investment/spending on education and energy and infrastructure and manufacturing to try to boost the economy and to boost the middle class. will you go along with that? >> as long as we pay for it. we have seen this movie before. we saw it with the stimulus pack and. and now a debt and deficit that is $5,000 for...
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what is the difference between a bedroom tax and disabled and the mansion tax? >> i don't accept that the bedroom tax is a tax but it is an issue about benefit on the fact is as a country we're spending 23 billion pounds on housing benefit. now, we have to have a debate in this country, and the last government said would have to have a debate in this country about getting on top of housing benefit. indeed, it's featured in the labour manifesto. the manifesto on which they were all elected. since they've moved to the opposition benches they have given up all sense of that responsibility at all. >> can the prime minister reconcile his recent comments on the need to accelerate major infrastructure projects for the government's decision to postpone a policy on airports until after the next election? will be reconsidered and bring that review forward? >> i will listen very careful to what my girlfriend said. i think you'll find if you looks at what and how davis said in terms of his review, he said this is a very propagated issue that merits proper examination that w
what is the difference between a bedroom tax and disabled and the mansion tax? >> i don't accept that the bedroom tax is a tax but it is an issue about benefit on the fact is as a country we're spending 23 billion pounds on housing benefit. now, we have to have a debate in this country, and the last government said would have to have a debate in this country about getting on top of housing benefit. indeed, it's featured in the labour manifesto. the manifesto on which they were all...
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it's not just the income taxes, it's the capital gains taxes and corporate taxes and now the sales tax is among the highest in the nation. >> sean: and when you die you pay more. >> the effective tax rate is a lot lower. that said i do think our tax rates in california are not competitive. we have to dig ourselves out of the extraordinary hole with two-thirds cuts and modest five year tax increase don't get me wrong is not insignificant for those --. >> sean: want to make a bet right now. i bet that tax never goes away. >> i don't suggest you're wrong. >> not going away. >> california is back and the bond rating as bad-- >> it will go up. we're turning the corner on that debt and turning the corner on the fiscal discipline. for a progressive state you don't have to be profligate to be progressive. >> sean: california and where i live in new york, this is what happens with liberal socialist policies. you now are taking 62 cents at least of every dollar that somebody makes out there, on top of that, you still have 427 billion dollars in debt. that's just california debt, you have 4 milli
it's not just the income taxes, it's the capital gains taxes and corporate taxes and now the sales tax is among the highest in the nation. >> sean: and when you die you pay more. >> the effective tax rate is a lot lower. that said i do think our tax rates in california are not competitive. we have to dig ourselves out of the extraordinary hole with two-thirds cuts and modest five year tax increase don't get me wrong is not insignificant for those --. >> sean: want to make a...
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tax hikes. i have three words for the gop on this one. please just say no. leave the cash in private hands so the economy can grow. don't let the government drain it for redistribution. here now howard dean and kate bailey hutchinson. is president obama worming out of this snink he's saying i want a third of the spending cuts and then i want to make it all up with tax revenues. did i hear that right or is there something else going on here? >> you heard it right. he said more tax increases and, you know, you come up with those budget cuts and i'll look at it. really, larry, it is just not moving at all. this is a time when the president should be sitting down every single day with the leaders of congress and saying where can we come together. but the republicans have got to take a stand and say no at shom point and every time they try to, it's the sky's falling, media and everyone saying we have to do something on sequester or the sky will fall. we have to do something on the debt ceiling or the
tax hikes. i have three words for the gop on this one. please just say no. leave the cash in private hands so the economy can grow. don't let the government drain it for redistribution. here now howard dean and kate bailey hutchinson. is president obama worming out of this snink he's saying i want a third of the spending cuts and then i want to make it all up with tax revenues. did i hear that right or is there something else going on here? >> you heard it right. he said more tax...
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. >> so if there's no bank tax, are there fees that, you know, are being mistaken as a tax? i mean, is this going to cost the banks more money? >> we're going to move to a mark-to-market valuation at the end of the year. some financial products do not have that valuation now. we're going to bring them in to a more standardized tax policy, and so as a result that does raise some revenue, but overall tax reform is going to be revenue neutral. >> so tell me how you see this playing out in terms of the sequester going forward. do you think that -- i mean, is it a better idea to just have these automatic spending cuts where when you look at defense we don't know what missions are being compromises. we don't know, you know, where the cuts are going to hit in terms of our defense as a country. i mean, is that really the way to do it? >> no, i don't like the automatic approach, but months ago we have proposed a way to reorder those so we don't have automatic spending cuts, that in the first year we have a more balanced approach in terms of defense versus other spending. the presiden
. >> so if there's no bank tax, are there fees that, you know, are being mistaken as a tax? i mean, is this going to cost the banks more money? >> we're going to move to a mark-to-market valuation at the end of the year. some financial products do not have that valuation now. we're going to bring them in to a more standardized tax policy, and so as a result that does raise some revenue, but overall tax reform is going to be revenue neutral. >> so tell me how you see this...
SFGTV: San Francisco Government Television
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on that million but as long as your taxed - the first million is you're paying taxes on but if you're not making one million you're not taxed. >> as you keep going up the tier the one million is taxed on the section tier the taxable amount the tiers remain the same. prevents stepping so when i cross a boundary and the rate goes up or down there's no incontinuity. >> this goes in effect in 2014. there is one business who wants to hire but basically they'd have to wait until 2014 and there is a schedule the phase in schedule will still have 2014 is 10 percent is gross receipts the remaining will be payroll tax. the - if they're under $500 in pay role they may be able to apply the pay role exemption tax. >> there probably are some cases where your taxes will be greater than but if you're hiring people you're going to get it in the payroll see or the - you're going to pay the taxes in the year 2014 but if you want to make a determination if you wait i'll be able to avoid this. you'd want to know they might decide oh, the new tax is so moo much better for me, i think i'll wait. this is int
on that million but as long as your taxed - the first million is you're paying taxes on but if you're not making one million you're not taxed. >> as you keep going up the tier the one million is taxed on the section tier the taxable amount the tiers remain the same. prevents stepping so when i cross a boundary and the rate goes up or down there's no incontinuity. >> this goes in effect in 2014. there is one business who wants to hire but basically they'd have to wait until 2014 and...
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money with a progressive income tax in any case your tax rate marginal tax rate goes up so the first ten thousand you make in the you know no taxes the next ten thousand certainly there and ultimately reaches a certain point a wealth tax is something we don't have in the united states many countries do but we don't and that's a tax where once a year you basically. present a balance sheet to the tax authorities saying ok the total net worth of what i have is you know five thousand dollars or five billion dollars and if it's above a certain threshold well taxes are almost always progressive if it's above you know a couple million one hundred million a billion whatever it may be then there's a tax on that and i am of the opinion this is our no billionaires dot com campaign that anybody who has a wealth of over one billion dollars with a million dollars a thousand times of their wealth is over a billion dollars there should be one hundred percent wealth tax on the money over that because if you can't live within a billion dollars you know come on give me a break in saginaw michigan hey e
money with a progressive income tax in any case your tax rate marginal tax rate goes up so the first ten thousand you make in the you know no taxes the next ten thousand certainly there and ultimately reaches a certain point a wealth tax is something we don't have in the united states many countries do but we don't and that's a tax where once a year you basically. present a balance sheet to the tax authorities saying ok the total net worth of what i have is you know five thousand dollars or...
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-- lean and taxes competitive, it is clear we have another problem, our own sales tax system. sales tax is the most critical source of revenue for core state programs. our sales tax code is also one of the most complicated in the nation. it is an accountant's stream, but a business owner's nightmare. -- dream, but a business owner's nightmare. so many twists and turns it that we make difficult for businesses to simply pay what they know. --we. -- what they owe. complaints can be nearly impossible. -- compliance can be nearly impossible. brenda serves customers all over the valley. she deals with a different sales tax code in every city in which she does business. thankfully, she was willing to lend her time and expertise last year when i convened a task force of retailers, business owners, and tax experts to offer recommendations on how we can simplify our tax system. linda is here today. linda, please stand. we are all grateful for your tireless efforts. [applause]but we must do more than simply think our small business owners. we can adopt concrete steps outlined by linda an
-- lean and taxes competitive, it is clear we have another problem, our own sales tax system. sales tax is the most critical source of revenue for core state programs. our sales tax code is also one of the most complicated in the nation. it is an accountant's stream, but a business owner's nightmare. -- dream, but a business owner's nightmare. so many twists and turns it that we make difficult for businesses to simply pay what they know. --we. -- what they owe. complaints can be nearly...
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unfortunately the president's version of tax reform is raising taxes and raising tax rates. we saw it in the beginning of the year. the senate followed suit. we're going to have to fight hard and convince the american people that it's our kind of tax reform that will produce a growing economy and yield more opportunity for more working families so their life can work again. >> eric cantor, republican from virginia. as always, sir, we appreciate you. >> thank you, larry. >> let's bring back our panel. keith, guy and david. keith, did you hear him say he was for the sequester? >> i think i heard that. >> i'm not sure. >> i think i heard it. i'm not sure what's going to happen. i heard earlier that -- he indicated there would be a sequester and no tax increase. >> that was my reading. boehner said the same thing today. did you hear him say, yes, there will be a sequester? >> no. i think he hinted at it. we have heard other republican leaders say that. i would have preferred to hear majority leader cantor say if the president cannot come together with us with other cuts we are a
unfortunately the president's version of tax reform is raising taxes and raising tax rates. we saw it in the beginning of the year. the senate followed suit. we're going to have to fight hard and convince the american people that it's our kind of tax reform that will produce a growing economy and yield more opportunity for more working families so their life can work again. >> eric cantor, republican from virginia. as always, sir, we appreciate you. >> thank you, larry. >>...
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estate taxes, obamacare taxes and americans are taxed to death and proves dagen's point. there's a malaise and we saw it in consumer confidence means, now what, taxes aren't going to do the trick. >> you know, we shout a lot, but in here, we actually are getting into real disagreements how to solve problems. at the beginning gary sai every program they run shall meaning the government is bankrupt. not the f.d.a., not f.a.a., not interstate highway system. we needur government we need to figure how to make it work not to say let's do away with it. >> i keep hearing they need more money for the interstate highway. see this debt mounting i had enough of feeling embarrassed about my skin. [ designer ] enough of just covering up my moderate to severe plaque psoriasis. i decided enough is enough. ♪ [ spa lady ] i started enbrel. it's clinically proven to provide clearer skin. [ rv guy ] enbrel may not work for everyone -- and may not clear you completely, but for many, it gets skin clearer fast, within 2 months, and keeps it clearer through 6 months. [ male announcer ] enbrel
estate taxes, obamacare taxes and americans are taxed to death and proves dagen's point. there's a malaise and we saw it in consumer confidence means, now what, taxes aren't going to do the trick. >> you know, we shout a lot, but in here, we actually are getting into real disagreements how to solve problems. at the beginning gary sai every program they run shall meaning the government is bankrupt. not the f.d.a., not f.a.a., not interstate highway system. we needur government we need to...